Cree (NASDAQ:CREE) had its price target reduced by Deutsche Bank to $42.00 in a research note released on Wednesday, The Fly reports. They currently have a hold rating on the LED producer’s stock.

A number of other analysts have also recently commented on CREE. BidaskClub cut Cree from a hold rating to a sell rating in a research report on Thursday, September 20th. TheStreet cut Cree from a b- rating to a c+ rating in a research report on Tuesday, September 11th. Canaccord Genuity began coverage on Cree in a research report on Friday, August 3rd. They set a buy rating and a $61.00 target price on the stock. Cowen set a $38.00 target price on Cree and gave the stock a hold rating in a research report on Thursday, October 11th. Finally, ValuEngine cut Cree from a buy rating to a hold rating in a research report on Thursday, August 2nd. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have assigned a buy rating to the company’s stock. Cree has an average rating of Hold and a consensus target price of $43.25.

NASDAQ CREE traded down $0.52 during trading on Wednesday, reaching $38.94. 38,775 shares of the company’s stock were exchanged, compared to its average volume of 1,461,698. The company has a market capitalization of $3.85 billion, a price-to-earnings ratio of -259.87 and a beta of 0.55. The company has a debt-to-equity ratio of 0.14, a current ratio of 3.58 and a quick ratio of 2.39. Cree has a 1 year low of $29.25 and a 1 year high of $51.78.

Cree (NASDAQ:CREE) last announced its quarterly earnings results on Tuesday, October 16th. The LED producer reported $0.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.12 by $0.10. The company had revenue of $408.28 million during the quarter, compared to the consensus estimate of $407.32 million. Cree had a negative return on equity of 0.74% and a negative net margin of 18.74%. Cree’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.04 EPS. As a group, equities research analysts expect that Cree will post 0.13 earnings per share for the current year.

In related news, EVP David Todd Emerson sold 22,500 shares of the business’s stock in a transaction dated Wednesday, August 29th. The stock was sold at an average price of $45.84, for a total value of $1,031,400.00. Following the transaction, the executive vice president now owns 159,097 shares in the company, valued at approximately $7,293,006.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.55% of the company’s stock.

A number of hedge funds have recently modified their holdings of CREE. Smithfield Trust Co. acquired a new position in Cree in the 2nd quarter valued at about $119,000. Berkshire Asset Management LLC PA acquired a new position in Cree in the 2nd quarter valued at about $205,000. Zacks Investment Management acquired a new position in Cree in the 2nd quarter valued at about $210,000. Global X Management Co LLC acquired a new position in Cree in the 2nd quarter valued at about $269,000. Finally, Summit Trail Advisors LLC increased its position in Cree by 20.7% in the 1st quarter. Summit Trail Advisors LLC now owns 13,179 shares of the LED producer’s stock valued at $337,000 after acquiring an additional 2,259 shares during the period.

About Cree

Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.

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Analyst Recommendations for Cree (NASDAQ:CREE)

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